Monoova Merger Paves the Way for Businesses to Reduce Domestic and International Payment Costs and Resource Demands

Leading Australian payments automation provider Monoova today  announced its merger with foreign exchange organisation Moneytech FX to deliver a  single platform that enables businesses to consolidate domestic and international  payment processes and take advantage of faster cross-border transactions.  

The businesses merged under the Monoova brand will be ideally placed to fulfil their  mission of automating and streamlining payment processes, with clients able to access a  toolkit for domestic and global payment flows through a single API gateway. 

“With the new Monoova platform, clients can automate the receipt, payment and  management of domestic and cross-border funds – reducing costs and resource  requirements and allowing teams to focus on growth and innovation,” says Christian Westerlind Wigstrom, Co-Founder and CEO, Monoova

The business – recently named FinTech Organisation of the Year at Fintech Australia’s  prestigious Finnie awards – aims to reduce the processing time for cross-border  transactions involving G10 currencies – the Australian dollar, the Canadian dollar, the Euro,  the Japanese yen, the New Zealand dollar, Norwegian krone, Pound sterling, Swedish  krona, Swiss franc and the United States dollar – from up to three working days to near  real-time. 

“Our ultimate aim is to make the experience of moving money from Perth to Berlin as  easy as moving money from Sydney to Brisbane,” says Christian.  

Monoova and Moneytech FX are proven performers in the fast-growing financial  technology sector. Over the past five years, Monoova has moved about $50 billion  through its pioneering domestic-automation platform, serving a growing number of  technology-enabled businesses such as Jacaranda, Hnry and Wise. 

Moneytech FX has grown rapidly over the last two years and has expanded the features of  its platform through multiple integrations, providing a self-managed and fully compliant  service to clients. The business has moved about $12 billion in cross-border transactions  over the last 18 months. 

The merged business will be headquartered in Sydney, with 70 team members dedicated  to enhancing the client experience by continuing to add features and functionality to the  Monoova platform. 

Andrew Kilroe, Chief Vision Officer and leader of the FX business, says, “Moving money  seamlessly and securely across borders helps clients provide a high-quality experience to  their customers and partners in overseas markets and brings financial inclusion to  underserved markets. We’re very excited at the opportunity to deliver this capability to  the Australian market.” 


For more information, please contact: 

Michelle Plews 

Senior Brand and Marketing Manager 

Monoova 

+61 401 963 406 

michelle.plews@monoova.com 


About Monoova 

Monoova is a leading Australian B2B payments solutions provider. We make it possible for  organisations to accelerate and automate how they receive, manage and pay funds across multiple  payment methods. This delivers significant cost reduction, increased efficiency, and enhanced ability  to scale. Our proprietary payments platform has processed approximately $50 billion since our launch  in 2017.

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